The function of the government where a situation exist that the markets fail to provide the needed goods or the appropriate amounts of goods or services as it is impossible for private business to do so and earn profit, thus the public sector grants resources through governmental process.

It is the major responsibility of the government to provide an economic environment that assures open market competition, economic growth, price stability, full employment and national development.

___________ is the vehicle by which allocation policy decisions are established

Refers to government decisions on taxation, expenditures, profit and income generation, borrowings for the achievement of government objectives

Public Finance becomes an art when the outputs of science are used, learned and applied, or when common sense and practicability are put into use whenever public resources are generated, allocated and spent.

________ is the study of income, expenditure, borrowing and financial policy and administration of “the government.

Public finance is not traditionally considered a branch of the field of economics with specific reference to legal and constitutional aspect of revenue sharing arrangements among spending government units.

Public Finance Cycle includes all, except

________ are goods and services that are available to all people at no extra cost. They are “non-excludable‘ and “non-rival‘

Refer  to all cash inflows  of the national government treasury which are collected to support government expenditures but do not increase the liability of the national government.

_________ is a plan of financial operation composed of estimated or  proposed expenditure for a given period or purposed and  the proposed means of financing them.

Refer to funds obtained from repayable sources, such as loans  secured by the government from the financial institutions and other sources, both domestic and foreign, to finance various government projects and activities

Is defined as condition in which individuals who exercise power are constrained by external means and by internal norms. It refers to the institution of checks and balances in an organization thru which an administrator accounts for his stewardship of resources or authority.

Elected officials are politically accountable to the electorate or their constituencies who voted them to their positions. These elected officials are held responsible thru regular elections and other means.

_________ refers to sustained increase in a country's output of goods and services, or more precisely product per capita over a long period of time.

The distribution of income and wealth cannot be influenced by government and made more equitable through tax-transfer scheme.

All are common characteristics of developing economies, except:

The citizens have no right to demand the most capable management of public funds.

__________ are the people to whom the government delivers/serves with public goods and services